Gen Z Guide to FI

I’m a few weeks away from being unemployed. I officially put in my notice at work and I’m expecting 2 more paychecks before my 2 year sabbatical – which is a 3 month break plus 22 month full time graduate program.

There are a lot of things that I’ve started stressing about. New anxieties that I didn’t know my brain would come up with. Like imagining many catastrophes where I lose my money or overspend and end up running out of money before my two years are up.

But to counteract those fears and anxieties, here are some things I’m trying to prepare financially and mentally:

Create a plan for the next 6 months

I am planning to stretch my cash reserves till January 2025 so I can save on taxes. (I have some money in I-bonds & my Vanguard brokerage. If I hold off till 2025, I’ll owe less taxes and probably get a decent refund $$ because my job is taxing my 4 months of work at a fixed rate as if I’m working all year). I wrote about my plan in detail in my last post – What’s the plan?

Trying to get my mind right

It’s hard to go from earning an income to not having that stability anymore. I’ll be living off of my own money so there’s not too much room for spontaneity. Not like I was that spontaneous before. But now it will definitely be harder to recover if I don’t stick to my plan. I’m trying to have an abundance mindset. I’m staying open to side hustles. Looking for small ways I can earn money or reduce costs so I don’t draw down on my savings & investments as much. I feel inadequate just mooching off my savings even though that’s what it’s for. The mental hurdle is definitely my biggest challenge now. I’m trying to be more present today. 

Reaching out to friends & family

I realize that my coworkers are my biggest source of social interaction daily. I spent most of last week sick *cough* so I was at home 4 out of 5 days. It’s been a very long time since I’ve been at home by myself with no clear plan for my day or no travel plans.  I need to have balance between social interaction and solitude. Once again, I learned that I love my own company and I can still go a whole week without talking to another human being and love my life. Once I quit, I have a schedule. It’s in progress not gonna lie. But there are so many travel plans and visits and professional development conferences. I have also tried to intentionally put in some dead weeks so I’m not overwhelmed with other humans.

Staying motivated

I’m not too worried once I start school because I’ll have a lot of work to do. But during my summer vacation from May – August 2024, I’m trying to keep busy so I can maintain something of a routine. I have plans to grow this blog and my podcast. I’m also compiling a list of annoying chores that I’ve put off since I’m tired when I come home from my job. I’ll come up with a reward for myself everytime I complete a chore. Some are ridiculous like sign up for TSA Precheck, go to Apple Store and get computer software to update etc. I’m too tired to take out time to look into it. But when I have no job, I’ll have no excuse hopefully.

Wish me luck in this next chapter. XOXO Gen Z Fire Baby